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The Canadian corporate earnings backdrop has been dismal to say the least and analyst revisions have been coming down fast and furious.

It looks as if earnings per share for the TSX equity space shrank more than 10 per cent in 2015, though there was a very heavy skew due to energy (down 68 per cent year over year) and materials (off 26 per cent). There were actually earnings gains recorded elsewhere, led by health care (up 48 per cent year over year), staples (19 per cent), industrials (16 per cent), discretionary (15 per cent), utilities (7 per cent), tech (5 per cent), telecom (4 per cent) and financials (1.5 per cent).

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